New owners for Jewellery Quarter’s Chamberlain Building

AN office building in Birmingham’s Jewellery Quarter is under new ownership.

The Chamberlain Building – which stands at the junction of Frederick Street and Warstone Lane – has been bought by Parcap Investments from current owner MCD Developments.

The building was sold for an undisclosed sum on behalf of MCD by the Birmingham office of Cushman & Wakefield, which have now completed a Jewellery Quarter ‘double’ of sales for the same client, having sold the Counting House at Derwent Foundry seven months ago.

The three-storey 1950s building has 8,978 sq ft of office space and has a number of tenants, including an art gallery and recruitment firm Pure Staff.

The new owners plan to redevelop the site in the longer term, whilst working with Cushman & Wakefield to maximise the income in the shorter term.

Cameron Thomson, senior surveyor at Cushman & Wakefield, said the sale was further evidence of the growing popularity of the Jewellery Quarter, which is attracting investors both locally and from further afield.

He said: “There is continued interest and investment in the Jewellery Quarter, which has seen huge improvements in recent years, not least because landlords have spent heavily on improving building frontages and streetscapes.

“There has also been significant improvement to public realm and other pedestrian areas in this thriving suburb of Birmingham city centre.”

New owner Satnam Parwana, of Hagley Road-based Parcap, said: “The Jewellery Quarter is becoming a vibrant and in-demand area, with its history and heritage being a significant attraction, which is why we have made this investment.

“The purchase demonstrates our further commitment to the Birmingham market, where we have invested since 2011.”